INFR vs SPY
Clearbridge Sustainable Infrastructure ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, INFR or SPY?
Large Cap Value against Large Cap Blend.
SPY has a lower expense ratio. INFR led over 1Y, SPY over the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 45.6%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | INFR | SPY |
|---|---|---|
| Expense Ratio | 0.59% | 0.09%Best |
| AUM | $12M | $811.2B |
| Dividend Yield | 2.52% | 0.98% |
| Holdings | 32 | 1,515 |
| Volatility (annualized) | 16.4% | 15.6%Best |
| Max Drawdown | -35.8% | -34.1%Best |
| $10,000 over 9.1 years | $13,712 | $33,186Best |
| Top 10 Weight | 45.6% | 38.2%Best |
| Fund Family | Franklin Templeton Investments (US) | State Street Investment Management |
| Category | Equity | Equity |
| Style | Large Cap Value | Large Cap Blend |
| Inception | Dec 29, 2016 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized).
The two price series end 253 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. INFR has data through Jan 22, 2026 and SPY through Oct 2, 2026.
Volatility and max drawdown, and the $10,000 over 9.1 years row, are measured over the window both funds cover: Dec 30, 2016 to Jan 22, 2026 (9.1 years).
Risk: Volatility and Drawdowns
INFR has been the more volatile fund, with annualized monthly volatility of 16.4% compared with 15.6% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -35.8% for INFR and -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.63. They move together some of the time, and apart the rest.
Fees and Cost Over Time
INFR charges 0.59% per year while SPY charges 0.09%. On a $10,000 position that is $59 vs $9 annually, a gap of $50 per year that compounds over a long holding period. On income, INFR currently yields 2.52% against 0.98% for SPY.
Holdings Overlap
18.5% of INFR's money is in holdings SPY also owns. 0.6% of SPY's money is in holdings INFR also owns.
INFR and SPY share little of their money.
The two holdings books were reported 290 days apart, INFR as of Nov 28, 2025 and SPY as of Sep 14, 2026, so some of the difference between them is the time between the two reports rather than the funds.
6 positions in common, counted across the 30 positions we hold weights for in INFR and 504 in SPY, against full books of 32 and 1,515.
What only one of them owns
Our book lists 491 positions for SPY that do not appear in our book for INFR (98.6% of the fund), and 2 for INFR that do not appear in SPY (5.5%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of INFR and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, INFR or SPY?
INFR has an expense ratio of 0.59% while SPY charges 0.09%. SPY is the cheaper option, by $50 a year on a $10,000 investment.
Which is riskier, INFR or SPY?
INFR has been the more volatile fund at 16.4% annualized versus 15.6% for SPY. Worst drawdown: INFR -35.8% vs SPY -34.1%.
Should I hold both INFR and SPY?
INFR and SPY have a monthly-return correlation of 0.63, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between INFR and SPY?
18.5% of INFR's money is in holdings SPY also owns. 0.6% of SPY's is in holdings INFR also owns. They hold 6 positions in common, counted across the 30 positions we hold weights for in INFR and 504 in SPY.
Which pays a higher dividend, INFR or SPY?
INFR yields 2.52% while SPY yields 0.98%, so INFR currently pays the higher dividend yield.
Is SPY better than INFR?
SPY has a lower expense ratio. INFR led over 1Y, SPY over the full window. SPY is less concentrated, with 38.2% of the fund in its ten largest positions against 45.6%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.